Mardi Gras in Steamboat Springs, Colorado

Snow has arrived in Steamboat Springs, it’s a long weekend for many thanks to President’s Day on Monday, February 20^th and there’s a great Mardi Gras celebration beginning Friday, February 17^th at Steamboat Springs’ Ski Mountain!

Steamboat Springs Mardi Gras Celebration

Come to Steamboat Springs over the long weekend and catch one or all 5 days of Mardi Gras celebrating! Free concerts, a parade, Cajun & Creole themed food specials, you name it and the Steamboat Springs Ski Mountain will have it:

• Friday, February 17^th: Bourbon Street at the Bear (Bear River Bar and Grill at Steamboat’sSkiMountain base)
• Saturday, February 18^th: Mardi Gras Parade from Ski Time Square into Gondola Square’s Beer Garden and Crawfish Broil
• Saturday, February 18^th: FREE concert after the Parade featuring Ivan Neville’s Dumpstaphunk from Mardi Gras central, New Orleans
• Sunday, February 19^th: New Orleans Jazz Brunch at The Steamboat Grand and another FREE concert at the mountain base Steamboat Stage at 3:00.
• FAT Tuesday, February 21^st: Mardi Gras Snow Sculpture Contest at Steamboat Ski Mountain’s ski lifts, enjoy Fat Tuesday restaurant specials, gather your free beads and continue the celebration into the après ski hours at The Cabin and the Umbrella Bar & Bear River Terrace

If you venture off Steamboat’s Ski Mountain, there will be Mardi Gras specials all over Steamboat Springs’ downtown restaurant and retail district combined with President’s Day sales at the local retail shops. It’s going to be a fun weekend in Steamboat, and did I mention, we have SNOW now?!

John F. Russell/Steamboat Today Photo

---For more information on buying real estate or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

Eggs Made to Order to Go with Your Mortgage Made to Order?

A recent New York Times article points out that "Loan Terms Made to Order" are more common than you'd think. You can get creative with mortgage loan terms if you know what to ask for and you have a length of time in mind. More borrowers are asking for and getting fixed rate loans with terms outside the standard 15 and 30 years; these custom mortgages are prevalent in refinancings.

New York Times Mortgage Rate Chart

In 2011, nearly 17% of all refinanced mortgages were comprised of “other length” fixed rate loans according to the Mortgage Bankers Association. Most of these terms were for 20 years, but 10, 25 and 40 years were not unheard of and if you do your homework, you’ll even find lenders who will agree to “oddball” terms like 16 or 7 years.

Fees could be higher for oddball terms like 16 or 7 years, but if you have a reason, like kids graduating in 7 years or retirement planned for 16 years from now, and you want to peg your mortgage term to those time-frames, then by all means search for a lender to accommodate you because they are out there.

In addition, option-arm mortgage loans are still a viable choice for many people, and can save the day in unexpected ways as I outlined in this blog at the end of last year. As with any financial decision, ask your mortgage professional to compare payments, interest rates etc. for different scenarios and then bring in your financial planner to ensure your other financial goals will work with a proposed change in mortgage payments.

Mortgage Term Alternatives

The important thing is not to assume it can’t be done, because while many people don’t realize it, the 20 year mortgage is now quite a common alternative to 30 and 15 year mortgages for those who know to inquire about it.

---For more information on buying real estate or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

Will it Last - Steamboat Springs Home Ownership for Under $100K

Steamboat Springs' 2011 real estate market was dominated by sales of transactions priced under $200,000. Condominiums made up most of these sales, and now that these bargains are off the Steamboat Springs market, there’s not much inventory at the lower price points as compared to last year. Here’s a Steamboat Springs real estate snapshot by the numbers:

• Homes priced below $200,000 comprised 36% of 2011 sales
• 26 condos sold in 2011 for less than $100,000 (of these, 16 were bank owned)
• 45 condos sold for prices between $100,000 and $200,000 in 2011
• 52% of 2011 Steamboat Springs' sales transactions were for less than $300K
• Currently only 9 condos are listed on the market priced less than $100K and only 39 condos on the market reside in the $100K-$200K price range

2011 Steamboat Springs Condo Sales Data

Steamboat Springs’ low end supply has dwindled – but it remains uncertain as to whether that will equate to an increase in the lower end price base. Privately owned homes had to compete with a good percentage of bank owned sales last year and that drove prices down. Steamboat Springs’ shadow inventory, homes that are still in the bank-owned system that haven’t hit the market yet, is an overhanging question mark. If there is significant shadow inventory still remaining, it could keep Steamboat’s prices low as those homes cycle through the banking system and hit the market throughout 2012. Conversely, if the banks have run through their low end inventory and demand starts outpacing the supply of privately owned homes, then Steamboat Springs’ home owners will have more confidence as well as the leverage to ask for (and get) higher prices.

One final note about the entire piece of the Steamboat Springs’ 2011 real estate sales pie, with 52% of 2011 sales being homes less than $300K, the share of sales was taken from the middle range price points, those priced from $300K to $800K. Homes priced from $800K to $3M+ have seen very little change as a percentage of transactions from 2007 to 2011.

Steamboat Springs Market Share by Price Point

Steamboat Springs real estate has always been and will continue to be a great value buy. Whether buyers will continue to have ample options to purchase Steamboat Springs real estate for under $200K remains to be seen. The economic laws of supply and demand would indicate that perhaps the Steamboat Springs real estate market is about to see a lower end price adjustment to where private home owners won’t have their home prices held hostage to bank owned home prices.

---For more information on buying real estate or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

The Bakery Opens in Steamboat Springs

Now open in Steamboat Springs a real home-town bakery, “The Bakery”. For home-made breads, sweets, birthday cakes and more The Bakery is the place to go. It’s about time too – especially for many of us who grew up in a town where visiting the bakery with mom was a big deal. The Bakery will be a great addition to the west end of Steamboat’s downtown business district and is sure to be a favorite among locals and visitors alike.

John F. Russell photo in Steamboat Today

Doug Matthews, The Bakery’s new owner, offers four to five fresh baked breads, a variety of pastries and other baked goods daily. Lunch is available as well, and by March, dinner will be served too. “If it comes out of the oven, we’ll make it,” says Matthews. Nothing like a home-made sandwich on fresh baked bread to warm you up on a chilly Steamboat Springs winter day! Now you can have a home-made muffin for breakfast and a taco at the new taco stand, Taco Del Barco, while shopping in downtown Steamboat Springs.

The Bakery is located at 1117 Lincoln Avenue, downtown Steamboat Springs. So it’s a double win, we have another eating establishment in Steamboat Springs, and also a place to go for fresh baked breads and pastries to complete a home-cooked meal.

---For more information on buying real estate or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

Video Blog: Real Estate is Local and Steamboat Springs is Improving

Being a Realtor here in Steamboat Springs, I read and keep a sharp eye on national and local real estate trends. Just this morning, I noticed that real estate values are booming in Southern California and Silicon Valley. Sure Case Shiller show real estate values dropping within most cities, but that doesn't mean all homes are going down. Prices are up 14% in Beverly Hills.

If jobs are great in an area, or it's a desirable place to live, or you have fresh power to ski, real estate values can and will recover sooner than other markets.

So I thought I'd do a little video blog about how and why it's important to know that real estate is local and what that means to buyers and sellers of Steamboat Springs Real Estate.